12 Best Broadcasting Stocks to Buy Right Now

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3. Nexstar Media Group Inc. (NASDAQ:NXST)

Number of Hedge Fund Holders: 32

Nexstar Media Group Inc. (NASDAQ:NXST) is a media company in the US that owns and operates a large portfolio of television stations. It produces and distributes local and national news, sports, and entertainment content. It also has a strong digital presence, which includes news websites, streaming platforms, and advertising solutions.

Its revenue reached a record $1.37 billion, up 20.7% year-over-year. This was driven by both the distribution and advertising revenue. Distribution revenue hit an all-time high of $719 million, a 20.2% year-over-year increase. This came from favorable contract renewals and growth in virtual multichannel video programming distributors’ subscribers. Advertising revenue rose by 22.2% due to record political advertising revenue of $154 million. However, non-political advertising declined 4.5% year-over-year.

Nexstar Media Group Inc. (NASDAQ:NXST) recently underwent an agreement with NBCUniversal for a multi-year renewal of NBC affiliations for 33 television stations across the US, reaching over 14 million households. The agreement covers 29 Nexstar-owned stations, as well as stations owned by Mission Broadcasting and White Knight Broadcasting. This renewal secures the company’s access to NBC programming and advertising revenue across a portion of its station portfolio. This contributes to revenue stability and drives future growth.

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